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Plains GP Holdings LP key statistics and ratios

In fiscal 2025, Plains GP Holdings LP had an operating margin of 3.2% and a current ratio of 0.96. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Gross margin4.6%5.1%5.1%5.3%14.8%14.6%12.3%12.5%12.5%12.3%8.5%7.3%7.2%7.6%8.7%7.8%
Operating margin3.8%3.8%4.1%4.1%5.4%4.9%4.4%6.7%5.9%−10.2%2.0%2.2%2.6%1.8%3.2%3.1%
Net margin0.0%0.0%0.0%0.2%0.5%0.5%−2.8%1.0%1.0%−2.4%0.1%0.3%0.4%0.2%0.6%0.8%
Free-cash-flow margin5.0%0.1%0.8%0.1%−3.2%−3.1%5.6%2.8%3.9%3.3%3.9%3.4%4.9%4.2%5.2%4.5%
Return on assets0.0%0.0%0.1%0.3%0.5%0.4%−2.8%1.2%1.2%−2.0%0.2%0.6%0.7%0.4%0.9%1.4%
Asset turnover2.222.182.081.920.960.800.991.271.190.831.501.941.641.741.501.70
Current ratio—0.990.920.880.870.920.881.020.920.860.980.910.980.970.961.12
Interest cover (operating income ÷ interest)5.0x4.8x5.4x5.0x2.8x2.1x2.2x5.3x4.7xn/m2.0x3.2x3.2x2.3x3.1x3.1x
Effective tax rate4.4%4.7%7.2%13.8%18.4%10.6%—12.5%7.9%—15.7%17.5%9.5%12.9%6.6%17.7%
Capital spending as % of revenue1.9%3.2%3.8%4.4%9.0%6.6%3.9%4.8%3.5%3.2%0.8%0.8%0.9%0.9%1.5%1.1%
Free cash flow ÷ net income>999%933.3%>999%80.0%−620.3%−655.3%—290.4%398.5%—>999%>999%>999%>999%880.0%538.6%
Dividends and buybacks ÷ free cash flow—————————————0.0%0.3%—

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 4 checks passed · June 30, 2026
What it owns · $30.2bn
Short-term assets $6.5bnLonger-term assets $23.7bn
What it owes, and who funded it · $5.9bn
Short-term liabilities $5.9bn
  • Short-term assets cover short-term liabilities $6.5bn of assets due within a year against $5.9bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $1.1bn of cash against $8.4bn of debt.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $3.0bn of operating cash flow against $8.4bn of debt.
  • Operating profit covers interest at least five times over Operating income of $1.6bn against $528m of interest.

From Plains GP Holdings LP's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

24 /100

Weak moat

How hard Plains GP Holdings's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median 0.4% of total assets over 10 years.

  • Pricing power 7 / 20

    Gross margin has been a median 8.9%, moving by 2.8 percentage points (standard deviation) across 10 years.

  • Durability 0 / 20

    Operating margin has been a median 2.4%; its worst year was -6.1%.

  • Cash conversion 12 / 20

    Free cash flow was positive in 10 of 10 years, at a median 3.7% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Plains GP Holdings LP's SEC filings (10-K and 10-Q), retrieved October 26, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Plains GP Holdings LP.